Real Estate location question... (Raleigh, Durham: foreclosed, renters, house)

[Petunia16]

I need your opinion, please

Do you feel that the area below highway 1, just north of Holly Springs is a good investment?

We are renting in Cary... but it's about 11 miles south of where we wanted to be when we buy a home. We have friends in Durham, family in North Cary, but currently, we work from home with no commute (knock on wood).

Our current landlords are really nice and have been encouraging us to purchase this home (it was on the market before it became a rental). We really like this house... it meets all our criteria and more... but again, it's a little farther south than we'd like to be.

For the same amount of money, we could be in North Cary, but in a smaller house on a smaller piece of land. I realize that this is a personal choice to make (more house vs. more time in the car), but from an investment standpoint... are we too south to be appealing when it comes to selling a few years down the line?

What's the word on the street? Is "South" Cary still appealing enough, or too far away?

Thank you for your input!!!

[DanielChang]

If you love the house, then, hey, there's no reason not to purchase. There are beautiful neighborhoods in South Cary/Holly Springs. However, I'd caution against making that decision so quickly, especially since you're relatively new to the area.

From your statements, it seems that the neighborhoods in North Cary, Northwest Cary, Morrisville or Southwest Durham might be better proximity to family/friends. However, you haven't really talked about your other criteria. Since you're renting, you've actually got time to lengthen your househunt and check out different locations/amenities.

[KCfromNC]

If you're looking at it as an investment, you should aim to end up saving money over the long run by purchasing the house rather than continuing to rent it. In this case, you already know the rent, so you can work backwards using one of the many rent vs buy calculators on the net to see what the purchase price "should" be. One example is Buy vs Rent Calculator: Should I rent or buy a home? Yahoo! Personal Finance, but there are lots of others.

From what you've said, though, I'd be cautious in this particular deal. It sounds like the current owner couldn't sell for what they hoped to / needed to get. Now they can't make money renting it either, so they're trying to dump it off on someone else. That combination tells me that you might not be getting the good deal you think you are on the property. Add in the fact that you seem a bit reluctant about the location and I'd look carefully at what else you can get for the money.

Sure, it's a pain to have to move again, but nothing compared to being stuck in a house you only kind of like and ended up in because it was convenient.

[ncitgal]

Just an FYI...I read an article about many landlords being foreclosed on and renters getting thrown out. Not to alarm but just something to think about.

I live in Holly Springs and love it...there is tons of potential in the area.

[mtbgirl]

540 will eventually run through that area, be sure to check out the exact location of the house before you buy.

[saturnfan]

Originally Posted by ncitgal

Just an FYI...I read an article about many landlords being foreclosed on and renters getting thrown out. Not to alarm but just something to think about.

I live in Holly Springs and love it...there is tons of potential in the area.

Very true.

Better to rent from professional landlords.

[West_Raleigh_Guy]

Originally Posted by saturnfan

Very true.

Better to rent from professional landlords.

I believe the OP is talking about buying, not renting.

I believe that Southern Cary is supposed to be desirable. The commute to Raleigh would not be too bad, but the commute to RTP can be a long one.

Northern parts of Cary are newer and closer to RTP. It is a nice savings on gas & time if you work out that way and if friends and family are there. However, you may pay more money and in many cases and the landscaping has not matured as much as in the southern part of the town.

It is a personal choice whether to live closer to RTP at a higher cost or further away at a lower cost. What I have decidied is that life is so short, why would I want to waste any time on a commute. I will pick a place that reduces my travel time to places I like or need to go to.

Either way, you will have a good investment.